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It hasn’t been Jupiter Green’s year

Jupiter Green Investment Trust underperformed the MSCI World Small cap. Index by some margin over the course of the year ended 31 March 2015 delivering a return of 5.1% against the index’s 14.6%. The share price return was 4.4%. The dividend halved from 1.1p to 0.55p. Performance more or less offset buybacks to leave the size of the fund little changed at £38.5m (£38.1m last year).

The Chairman’s statement says much of the contribution of performance during 2014 in the conventional indices came from technology, financials and pharmaceuticals. These are not industries which the investment trust will naturally invest in and therefore resulted in year where the trust fared less well.

Fund manager, Charlie Thomas, says that in addition, the sharp fall in the oil price in the latter half of 2014 had a negative impact on holdings that provide remediation and pollution management services to the oil sector and also those involved in biofuels. Companies in the solar sector were also affected. Japanese cycling equipment manufacturer Shimano was a strong performer for the period under review. Having suffered midway through 2014, United Natural Foods subsequently saw growth pick up, supported by expanding demand for organic and high welfare foods. The environmental consulting group RPS Group detracted from returns, as did British transport company FirstGroup.

JGC : It hasn’t been Jupiter Green’s year

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